New “blue deal” needed to close $145 bn annual investment gap in sustainable ocean sectors
A new “blue deal” is urgently needed to close $145 bn annual investment gap in sustainable ocean sectors, according ...
New “blue deal” needed to close $145 bn annual investment gap in sustainable ocean sectors
A new “blue deal” is urgently needed to close $145 bn annual investment gap in sustainable ocean sectors, according to the key takeaways of the 5th UN Ocean Forum.
The deal will help scale up public and private investment and finance in sustainable ocean sectors which remain severely underfunded. These sectors, crucial to achieving the Sustainable Development Goal 14, “Life Under Water”, require $175 billion annually. But only $30 billion has been disbursed in total since 2010.
The forum also highlighted the significant potential of seaweed to address global food security, biodiversity and climate resilience within sustainable ocean economies.
A proposal by Madagascar and the Republic of Korea, supported by various international organizations including UN Trade and Development and the UN Compact, was presented for the creation of a UN-led task force.
This task force would aim to map regulatory standards and identify potential gaps related to the cultivation, processing, and trade of seaweed—a $17 billion market.
Additionally, it would seek to enhance global coordination and knowledge-sharing, bolster investments and provide countries with guidance to responsibly expand the seaweed sector for economic, social, and environmental sustainability.
The forum spotlighted promoting sustainable South-South trade in fisheries and aquaculture for value addition and diversification, as well as enabling innovation and entrepreneurship opportunities in food and non-food marine-based sectors to tackle food insecurity and pollution.
An updated database of ocean trade in goods and services from UN Trade and Development will continue to inform evidence-based policymaking with comprehensive statistics on global, regional and national ocean trade flows.
The database includes key indicators such as export and import growth of ocean-based goods and services, per capita exports and imports, revealed comparative advantage, as well as indices of product and market concentration.
The forum also highlighted the importance of decarbonizing ocean-based sectors and helping countries use trade and investment policies to better implement national climate action plans, also known as Nationally Determined Contributions (NDCs). This will be of particular importance to small island developing states (SIDS), as 70% of their ocean-related NDC measures focus on climate change adaptation.
It called for strengthening maritime transport and port infrastructure to improve livelihoods and equity.
The ocean, which covers some 70% of Earth’s surface, is essential to all life but also under unprecedented strain. Climate change, overfishing and pollution threaten marine ecosystems and the 600 million people worldwide who rely on fisheries for their livelihoods.
Therefore, the forum announced a new project jointly led by UN Trade and Development and the UN Department of Economic and Social Affair, with support from various other UN entities.
It aims to bolster evidence-based climate action by leveraging artificial intelligence and data innovation and developing tools to estimate carbon emissions from the shipping and fisheries sectors of four Caribbean SIDS namely Barbados, Belize, the Dominican Republic, and Trinidad and Tobago.
Besides, the project will offer policy recommendations to support decarbonization in such sectors and seek to expand similar initiatives to more regions worldwide.
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